Twitter is remaining tight-lipped about the deal. Its global PR team put out a tweet late on Monday that said: “For all those who might be curious, we continue to not comment on rumors.” Mr Dodsworth was not answering his phone nor emails.

TweetDeck is a piece of software that organises feeds from Twitter and other social networks into columns, making them easier to read.

Mr Dodsworth, a former programmer at Prudential and PricewaterhouseCoopers, built the application in 2008, after becoming frustrated when he missed messages from friends on Twitter.

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Within months of its launch, the service won acclaim from tech bloggers and other high-profile users, such as Stephen Fry. Actor and prolific twitterer Ashton Kutcher posted a video showing him and his wife Demi Moore using the service.

Angel investors have poured $3.5m into the company, which is not yet making any money. Critics will say the deal is further evidence of the new tech bubble, exemplified by the flotation of business networking site LinkedIn for $9bn last week.

Twitter, which is based in San Francisco, recently underwent a management overhaul. Jack Dorsey, the founding chief executive, formally returned as head of product in March, after being pushed out by the board in 2008. The company is looking to expand its reach to more mainstream users.

TweetDeck, which employs around 15 staff, is based in the area around the Old Street roundabout in East London, dubbed the Silicon Roundabout because it is home to a host of young tech companies.

While the area grew up by itself, the Government has since tried to encourage more tech companies to set up there, with a £1m funding competition announced earlier this month.

Mr Dodsworth, however, is cynical about the concept. “We’re here because it’s cheap. There aren’t many parks; it’s a little bit of a dump,” he said.